Futures Point To Mixed Open On Wall Street
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(RTTNews) – After the sharp pullback seen on Wall Street on Wednesday, major index futures are currently pointing to a mixed opening on Thursday. While Dow futures are up 198 points, Nasdaq 100 futures are down 65 points.
Some sectors could benefit from a bargain hunt following the sharp drop observed during the previous session.
News that the first confirmed case of the omicron variant has been detected in the United States has contributed to the sell-off, with airline shares leading the way on the downside.
The rise in futures on Dow may partly reflect the significant strength ahead of the launch of shares of aerospace giant Boeing (BA).
Boeing is making significant progress after a Bloomberg report said the new owners of Jet Airways India Ltd. were in talks with Boeing and Airbus to purchase at least 100 narrow-body jets for the once-bankrupt carrier’s fleet.
On the flip side, weakness in tech stocks could weigh on the tech-rich Nasdaq as Apple stocks (AAPL) move significantly lower in pre-market trading.
Apple’s drop comes after another Bloomberg report said the tech giant told some of its parts suppliers that demand for the iPhone 13 had slowed.
In U.S. economic news, the Labor Department released a report showing a modest rebound in first jobless claims during the week ended November 27.
The report says initial jobless claims reached 222,000, an increase of 28,000 from the revised level of 194,000 the previous week.
Economists expected jobless claims to climb to 240,000 from 199,000 initially reported for the previous week.
Stocks showed strong bullish movement early in Wednesday, but fell sharply during the session. With the day’s slowdown, the Dow Jones fell to a nearly two-month closing low, while the Nasdaq and S&P 500 hit their lowest closing levels in more than a month.
Major averages fell further as the close approached, ending the session at their worst levels of the day. The Dow Jones fell 461.68 points or 1.3% to 34,022.04, the Nasdaq plunged 283.64 points or 1.8% to 15,254.05 and the S&P 500 fell 53.96 points or 1.2% at 4,513.04.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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